The great tightening cycle has been an illusion due to liquidity. June 12, 2023 3:03 pm by Alex https://twitter.com/NorthmanTrader/status/1668241972883062785 https://twitter.com/NorthmanTrader/status/1668243598272241667 https://twitter.com/NorthmanTrader/status/1668238110264643586 See also The Fed Says Inflation Is The Problem While Quietly Adding Liquidity Back Into The System